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of the economy, just not in one year. if you look at the nonpartisan shops who have looked at the impact on the economy, they all coalesce around one number. they say this sequestration if it takes effect and holds will take about .5% of gdp growth out of the 2013 economy. now, that doesn't sound very good to me. we were just talking about how the economy's already growing too slow as far as we're concerned. i don't believe the fourth quarter recessionary number. i think that's going to be revised up. but if you think this is an economy that can take a 50-basis point whack to gdp growth, perhaps we're in a different world. >> here's the thing, let's go through this. 44 billion is the real number and it's funny, i found this today courtesy of my friend. what is that? $44 billion of spending cuts is 2 1/4 of 1% of gdp. so these are such tiny -- but the benefits, the benefits of confidence and certainty and free markets, i think vastly overwhelm these keynesian multipliers. >> and there's really no such thing as a keynesian multiplier. i mean -- well, really. >> do we need a stretcher? >> d
more time to gauge shinzo abe's rating policies. s&p says recent policies could reflat japan's economy. but the government's books will continue to be weighed down by heavy debt. that's even if plans go ahead to raise a sales tax. there's a one in three chance of a downgrade this fiscal year. this is as the japanese prime minister shinzo abe says he will consider changing the bank's mandate. he didn't comment on current policy. all this as investors determine who will become the bank of japan's next governor. front runners for the post include former bank of japan deputy governor and the head of the asian development bank harikahiko tura. >> we did catch up with taro at a meeting this weekend in moscow. the next boj governor was covered, but the first question, whether mr. aso thought the g-20 communique was an endorsement of japan's domestic stimulus plan. >> japan has repeatedly tried to explain that japanese policies are taken to overcome deflation and by all means, these are measures to overcome deflation as well as the recession. that's what is being said in the second paragraph o
is not falling. the lower spending and limited government sequester will help grow the economy not harm it. and guess what today? president obama actually dialed up republican leaders john boehner and mitch mcconnell to talk about the sequester. this is good. it's called communication. we'll have a full report coming up from our man in washington robert costa. remember how we told the other night about how federal workers are still getting pay raises despite a so-called pay freeze? it turns out federal worker pensions are facing huge unfunded liabilities that could bankrupt them and force a new taxpayer bailout. but on the whole, folks, have no fear, america. help is on the way. this is "the kudlow report" and it starts right now. >>> all right. first up tonight the sky is not falling. even the president's own press secretary backed up president obama's sequester threat of mass layoffs. take a listen to jay carney. >> we agree with the consensus estimates here again from private outside economic firms from the congressional budget office that say we would lose, the country would lose up to
or j.p. morgan and other billing banks drive our economy off after cliff again, well all pay the price. >> i guess would he argue he is one of the people this who wasn't driving the economy off the cliff at one of the worst moments so maybe he deserves more credit. let me ask you, they have a lead director. you're not satisfied with that? >> no. none of the shareholders are in the board room. and jamie dimon is the chair. he sit at the head of the table, i would think, or whatever the chair sits. he is running that meeting. >> you know, jamie dimon is in charge of the board setting his compensation. >> when you argue with goldman sachs about the issue, they bow to pressure from your organization and put in a lead director and you seem satisfied with that at the time. so why isn't that satisfied by j.p. morgan? >> we were satisfied as an interim measure and we need the large financial institutions that wrecked our economy to do better. >> are you going to continue with j.p. morgan or -- >> there are other share holders who have taken up that mantle this year. >> do you have any empirica
? do you think the economy slows down? >> well, it will slow -- by all estimates, it will slow the economy down somewhat. there are differences among economists as to how much. but it will, of course, be contractionary and therefore it will slow growth, but there are a number of other things that are going on in economy that are pro-growth, so it will have a negative impact but there are other pro-growth elements which can be very helpful. >> it sounds like you're not that worried. >> i am worried because it does cause concern that we can't agree on the kinds of rational policies to deal with our problems and we have to revert to something that no one really wants, but they can't reach an agreement on something positive to avoid this kind of thing. >> well, certainly the good news is that this economy is recovering, slowly but surely, the u.s. economy. >> i think the u.s. economy is recovering. the job is recovering. the energy boom is helpful. the housing market has bottomed out and beginning to pick up. balance sheets, consumer balance sheets, business balance sheets are doin
. and it is not in the interest of growing the economy of our country. >> okay. fine. but you know what? it doesn't really matter what they say because the sequester is going through in two weeks. trust me on that. and we have crunched the numbers, and the sequester only cuts 1.2% of the spending for the whole year. that's it. 1.2%. but guess what? cutting the growth of government spending will help this economy, not hurt it. "the kudlow report" begins right now. of. >>> and we have a very special on-set group with us tonight. i am totally surrounded. it is ladies' anytime. we have "time" magazine's ra rana faruhar, reason magazine's kathy mangle ward, katie burk, and hollywood star and town hall columnist morgan brittany. oh, my gosh. i don't know how i'm going to do this. first up, let's get the latest on the sequester scare tactics hysterics. i'm not hysterical, but our own hampton pearson joins us now with all the details. good evening, hampton. >> good evening, larry. all week long the senate appropriations committee among others has been hearing sequestration horror stories from major government agencies.
about. number one, is it because the economy is better or are they worried about creating an effect. the other thing is, were they trying to make credit so available that they risk ed -- remember they said that yesterday. they were trying to move it out the curve. >> and they were trying to -- >> but then people like santelli would say it they didn't realize what the possible outcome could be. >> ahead of this appearance, i would like to think about the downplays a minute. >> right. and in this latest fed, which is very transparent, a lot of times they've made some moves like this that are talked about and conjectured and all of a sudden they're available to come on. >> i bet he's one of the guys in the room who was making a big stink about where things are headed. >> the other thing that i wonder, given that everybody knows -- >> i think he's been concerned for a while. >> but given that there are minutes and everyone knows there are minutes being taken, i think if you are a hawk in all this, you show up in the meeting and you are as loud and as prod as humanly possible to get your
, is the economy strong enough, corporations strong enough to stand on their own? fed is not going to pull the plug hon this any time soon, but the noises are out there. it's already spooky the market. once the fed is no longer juicing up this market, is there enough out there that's strong enough to keep it going? >> i really don't think that the fed is going to take any chances with what is so far a very tentative recovery. they know we'll already have quite a bit of fiscal tightening in 2013. we've got the sequestration that's almost certain to take effect, already had some pretty big tax increases. i can't see bernanke and janet yellin taking a risk with a premature taking away of the punch bowl but policy change in the rate overseas. europe and japan are looking much better i think in terms of the change in policy than the u.s., and i think the outperformance that we saw in the last part of last year can take hold again this year. >> yeah. allen gale, are you paid to put money to work, got to put some money to work or even if this market is going to see a correction of some kind. where would y
the united states and greece. first, we're a huge diversified economy, not a little country dependant on tourism. secondly, people in the u.s. pay their taxes, you know. greece had a deficit of about 7% of gdp. that would be over $1 trillion a year in the united states before the collapse. we have a very different story. the third is a huge difference. we have our own currency. greece is like arkansas. the reason why its interest rates went through the roof. everyone thought that. >> i think the point he was trying to make in that that if we don't do something about this the market will figure out that we have a credit problem in the country. >> the markets are smarter than that. >> when you normalize interest rates, right now they are really manipulated, if you normalize interest rates, you're talking about $500 billion going out the door every year just on interest expen expense. that's just paying the interest on the debt. you think that's sustainable? >> that's a lower interest expense than what we had relative to our economy in the early '90s. we could live with that. we lived wi
a question on everyone's mind -- how do we get the economy to grow from here? no one knows better than the leaders of corporate america. joining on set this morning, 32 adviser ceo robert wolfe. we'll have hanes celestial ceo irwin simon. and the kraft group president, jonathan kraft. >>> on the lighter side of things, spring is around the corner. that must meantime for baseball. white sox vice president ken williams will join us to talk business on and off the diamond coming up at 8:40 eastern time. >>> an interesting mix of topics in rotation today. first, let's get over to andrew with the top headlines. >> thanks. >>> boeing reportedly found a way to fix battery problems with its grounded 787. here's what's happening. involves increasing the space between cells in the battery. a source tells reuters the gaps between the cells were why there was overheating. we'll talk about that in a bit. >>> in other news on boeing, the company's engineers are split on a contract. the largest professional group approved the planemaker's latest contract offer. but members of a smaller technical unio
of thousands of jobs in our economy at risk for a spew special interest tax loop holes. >>> good evening, everyone. i'm larry kudlow. this is "the kudlow report." you heard it. president obama slams the republicans, predicting dire results if they don't avoid the sequester. but is this the very same president obama who said this about that same sequester less than 18 months ago? >> some in congress are trying to undo these automatic spending cuts. my message to them is simp -- no. i will veto any effort to get rid of those automatic spending cuts domestic and defense spending. there will be no easy off-ramps on this one. >>> well, i wish he would make up his mind. remember, this was president obama's god. now he needs to blame somebody else for it. here's the thing, he should be embracing the sequester. why? smaller government is essential to a prosperous economy. as the mainstream media become the president's lapdog? are they just victims of president obama? even pillars of the media establishment are starting to complain about their lack of any access to the president. now, here's some
down the economy. we'll lose millions of jobs. there would be a stoppage of work at a number of places. the economy would get back into a tailspin. and so therefore it's bad. >> this is all for $44 billion. that's all it is, by the way. $44 billion let me get this right. 1/4 of 1% of gdp. and i just want to add, being a democrat, one of my favorite democrats is bill clinton. what did bill clinton do working with republicans? cut spending. what did the economy do when bill clinton worked with the republicans to cut spending? the economy boomed. that's your model. >> but it's the sequester, which means you that can't cut spending smartly. it's just across-the-board random cuts. i'm for cuts. i'm one that will agree that we do have to cut spending. but we've got to do it in a balanced way. we've got to cut spending. i don't think anyone will argue that. we cut spending before in the budget control act. we cut some spending. but we do believe it's got to be done in a balanced way, that we cut spending because the ultimate goal is to have a balanced budget. cut spending and find more revenu
at the pump for the last month. joining us in the next hour, oil man boone pickens. so the economy is at the top of the hour. andrew will get you up to speed on the day's other headlines. >> hedge fund manager david einhorn is taking his apple campaign directly to shareholders. he's going to be hosting a conference call today to argue the merits of distributing hedging preferred stock which, of course, is what this big debate is about. einhorn is battling and seeking an injunction next week to abolish a system for issuing preferred stock. i got a letter overnight from the nation's foundation which has a stake in apple and they are pushing back against david einhorn, something we should probably talk about a little later. >> we will. >> also in the news this morning, boeing is expected to meet with the faa tomorrow and launch a formal plan to get its grounded 787 back into service. the company will be proposing a resign of the dreamliner's batteries. officials say the jets could be back in the air within two months. >>> finally, appear highser bush, inbev want a court to grant a sho
again in that area, and then at some point getting towards the summer, if the economy continues to grow, this market is going to move a lot higher from there. i'm a buyer, still a buyer at these lofty levels. >> went through an entire hour without mentioning the "s" word that everybody hates in washington, sequestration, right? >> yes. >> that's coming up march 1st. soon after that a big jobs number coming up, and tomorrow live economic data. >> oh, yeah. >> that could move this market one way or another. >> as the economic data moves, it doesn't move it long term but short term. if the numbers don't come in where we want and the fed comes out with some statement tomorrow afternoon looking to maybe curtail that buying program. there's a lot of things that come out, but i still think they will be short-term moves. >> the market will ignore the bad news and embrace the good news. how cool is clive davis? >> besides warren buffett the only other legend i would shake hands with on the trading floor. >> and we were all thrilled to do that. his book is called "the soundtrack of my life" out t
'll be on the ground in milan with the latest. we'll get a view about how the country's economy could be transformed as an exclusive interview. we're hours away from retail giant walmart's earnings. we'll hear what investors expect head of the company's reporting results in light of a weak start to february. >>> and shareholders vote on rothschild about replacing the board. we'll also get a preview of this likely ending of this battle of the titans. >>> and japanese prime minister shinzo abe is heading to walk to talk to president obama. just what kind of reaction can abe expect from washington? we'll give you a preview. >>> before all that, let's recap what's happening in markets. we've seen more activity, in fact, higher volume over the last couple of sessions, really, than we've seen for much of the year. the volume is coming on a sell-off. u.s. markets fell yesterday following the release of the fed minutes. it was the worst day of the year for the s&p and nasdaq. as you can see, shedding 108 points there, a rare triple digit decline this year. energy and material stocks were the worst hit. all
it's always relevant to economies in europe. they are facing an overshoot of the exchange rate, but it is too high for their purpose. that is going to bring the tension back into euro net. >> and speaking of italy, we79 to remind folks what else is coming up on today's program. the final countdown is under way for italy's election. we'll get a check on europe's growth process spengts for the eu forecast. we'll head live to brussels for a live press conference. in other news, boeing is set to unveil a plan to help its troubled dreamliner to take flight today. and we're rolling out the red carpet. we'll head to tinsel town to the biggest night in hollywood. find out which films are tipped to win big at this year's oscars. fears are mounting that an inconclusive election this weekend could undermine the euro and set back markets in italy. hans, as we edge closer to that event, polls open sunday and they close on monday. we've seen the two-day sell off. is it related to the outcome here? >> well, i think the italian election has had an impact on market performance for the past few
they turn from the dime? from the economy from smoking hot to ice cold overnight. can we go from thinking we are working our way out of a long-term jam to game over? the buzzer, that's what was swirling through everybody's heads today. the market got whacked again. we did have a bit of a late-day comeback. the dow sang nearly 47 points. and don't forget, yesterday the worst day of the s & p for the day. today, down another 1.04%. the speed things got negatively is breath taking, too breath taking if you ask me. considering my "squawk on the street" partner, how do things flip so quickly? sequester, housing, to europe, all went from benign to pernicious in one week. is that possible? >> i think things got more mixed, less positive. mixed dada doesn't jive with a market up 8%, where we were when things turned sour. not so negative. we should give up this week's gains. i said for many, too much negativity to handle without taking aggressive selling action. i get that. i don't dismiss anything as important as the huge down turn in commodities, the weaker auto and housing sales. the chatter of th
this is a significant threat to the u.s. economy. take a listen. >> we know trade secrets can cripple a company's advantage in foreign markets and put american jobs in jeopardy and that strategy coordinates and improves u.s. government efforts to protect the u.s. economy and supports jobs in the united states. >> guys, that's it from here. they are talking about this very much as a jobs issue. back to you. >> eamon, thank you very much. we'll see you later. heading towards the close. setting lows again for the day right now, mandy. the dow is down 101 points. the markets spooked by the fed minutes that showed in the last meeting fed governors and bank presidents were beginning the discussion of when to pull back on some of the monetary easing that they have been going through for the last several years. >> looking here at the tweet from bill gross. many participants concerned about further asset purchases. >> macy's and j.c. penney duking it out in court over which department has the right to sell martha stewart branded products. find out which retailer's stock you're better off shopping for. >
to slow the rate of growth on a per capital ya basis to the rate of growth of the economy. in our opinion, that takes about $600 billion to do over a ten-year period. and it does such things as paying for incentives go to pay for quality rather than quantity. it has real cost sharing in there. it happens has mean testing. it has appropriate saving in there in order to take account of, you know, the aging of the population. >> not premium support or vouchers? >> no. we don't think that's something you have to go to in addition to slow the rate of growth to the rate of growth on the economy on a per capital basis. >> simon. >> i just wonder what you and your guests think about whether the ground is shifting on actually getting a deal, on getting something into law. in 45 minutes' time, president obama is going to attempt to pitch the jobs for firefighters over the sequester against further taxing of the rich. he clearly feels that he has greater political freedom in his second term. he has this huge organization attempt to go mobilize outside the beltway and the gop seems very divided. is t
economy will see back-to-back years of contraction for the first time. of course, now the focus turns to the weekend's italian elections. overnight in asia. shanghai is closing out its worst weekly loss in two years. nikkei managing to close higher. road map this morning starts with the markets. we' results from aig and upgrade for home depot helping stocks today, and hewlett-packard. >> hp is popping pre-market on the back of the earnings. sigh of relief for the investors as the company showed some progress with its turn-around. david will have the exclusive with meg whitman in just a few minutes. >> more signs of consumer trouble. nordstrom gives a weak outlook. darden revising lower its outlook for the year. >>> we start off with the markets. pointing to a big rally today as the market recovers from fears that the fed will halt its easing process sooner than expected. this after stocks post their biggest two-day drop of the year, closing at two and a half-week lows in the heaviest vim trading day in 2013. >> i feel that there were some calls yesterday on dennis garvin saying 100% c
as holdings elsewhere outside, the teal in china, et cetera, what does it say about the global economy? >> we see everything for our business. it's continuing to do okay. you know. we have a big operation in japan. we're still doing reasonably okay in japan. china's a great growth opportunity as you saw for us. looking at brazil and other countries like that, and the u.s. market also is a good market so, you know, don't count out the u.s., so we're here. we've got to figure out some of the issues with product which we have. peter hancock has done an excellent job of bringing risk management into the u.s. marketplace so we're pretty comfortable we'll see growth around the world, and the economies so far have not really dramatically affected our business. >> bob benmosche, nice to have you on the program. >> thanks you. >> president and ceo of aing a. >>> up next, bob pisani and up next a u.s. executive calls french executives lazy. how about that. this is real, folks. he's got up in a public battle with the french. stay with us. you won't want to miss that. ss? at fidelity, we do it by merging
, stimulus program, is fundamentally good for the u.s. economy because it can stand on its own two feet, but within the market, probably there's some more risk in the smaller, lower quality, more cyclical companies that have taken the lead over the last couple of quarters, so we, for example, see real opportunities in what we believe to be high-quality growth companies, companies like oracle, colgate palmolive or one of the world's leading strong gas companies, praxair. >> an eclectic mix there. david steinberg, how would you navigate what appears to be a change in market sentiment as it pertains to the fed right now? >> i think it's just a temporary situation. watch what the fed is doing, not what they are saying. it could could very well have been a trial balloon they are sending up to maneuver, you know, the mentality of, you know, the markets. bottom line, bond yields are too low to make any money. equities can navigate different environments over the lounge run, and the fed is in a tough box with fiscal miss management out of washington where it's at. i right now don't think they h
's get a look at the big picture and how gasoline prices could affect the economy. >> the economic model, gasoline prices, one of the troubles facing consumers in the early part of this year. let's put some numbers on it. $10 a barrel increase is negative 0.2. it's double, that's where it comes from the decline in spending and hit to consumers' pockets and half the impact on total investment according to eia. more to the energy bill and gasoline. consumer pay for both energy commodities, gasoline and diesel and energy services, electricity and natural gas. the gas part, that's the part that's been going up, the biggest part. the smaller piece, the utilities, they have been dock down. that's something of an offset, why the worst case scenarios courtney spun out may not come true. add up uncertainties, high gasoline prices, sequester, payroll taxes, security, growth, that line that goes through the green number, that's the range of forecast. you can see for the first quarter it's the largest, 3% to 1.5%. maybe lower if we get the sequester, payroll tax ends up worse than we thought. it's s
better when the economy is challenged, with head winds such as payroll tax cut, rising gasoline prices. then its competitors, now do you see it? >> we are seeing fewer dollars for everyone. it is showing up in lower income first. there are fewer shock absorbers there. less excess cash in the checking account. i think you will see it in the middle and upper income consumers coming. they just have the ability to absorb that income reduction in the near term more. i think we see a reduction in income and wal-mart's customer and immediately that translates to reduction of spending power. they may benefit down the road a little bit from trade down. but i think what we will see as this ripples across retail is the categories where people will be cutting back. >> i believe in one of my notes, and i think you said, that relatively wal-mart. relatives it pieres a wal-mart does better in a slow or challenged economy. but wal-mart, like others, does better when the economy is moving ahead, right? >> wal-mart would do better by far in a better wage growth. when things are tough, they do do better
can never say it too many times. it means that no one sector, one segment of the economy should ever account for more than 20% of your portfolio. so if you own five stocks, only one could be a tech stock, only one a health care stock, only one a financial, only one can be an energy company only one an industrial and only one can be a food and beverage maker. what if you're not sure? always err on the side of caution. if two stocks trade together, if the underlying companies succeed or fail based on the same factors, then you're not diversified. an oil driller and oil producer, we often get those on wednesday, people think they're different. they're both part of the same sector. software and hardware, they're both techs, like it or not. i'm not doing this to be arbitrary or capricious or make it more difficult now to pick stocks. these aren't vague technicalities. when you get too concentrated in one area the moment something bad happens one to of those big stocks, you're going to want to throw yourself off a bridge because the losses will be enormous. imagine if you owned too many in
't miss pine river's ceo brian taylor. on our radar this morning, we have earnings and the economy. the national home of home builders releases its numbers for fen. after the bell, you have dell that's going to be a focus. the company in the middle of a buyout battle. it's going to be posting quarterly results after the close. our guest hoefs host this morning is sure to have an opinion on all these stories and many others, as well. the always forthcoming ken langone will be joining us on set starting at 7:00 eastern as our guest host for two hours. squawk will be hopping behind the wheel this morning. a week ago, there was a huge controversy that erupted over the tells sla. today our own phil lebeau will be taking the vehicle to boston. we'll get to all this in just a moment. andrew has the morning's top headlines. welcome back. >> thank you, becky. let's talk about the big headlines this morning. the office depot is in talk toes merge with smaller rival office max. expected to be a stock for stokz transaction. the deal could come as early as this week. kayla tousche will be joini
a more volatile place. we recognize that since the gfc, we've seen gyrations in economies that we wouldn't have ever seen before. >> there have been challenges, but changing regulatory environments in emerging countries are not easy. and i think we understand that, and we've gotten through the worst. >> there used to only be one regulator that applied territory to the deal, now there are many. hurdles are increasing. >> are we through the worst? >> yeah. i think we are actually. i think there's quite a lot going for the sector now. i think currencies may well provide boosts for this year. commodity prices look relatively stable. yes, we'll see some volatility in iron ore, but i think coal prices should start to recover. and there's a whole raft of other commodities that are looking solid now. it's not looking like a bad outlook. i still think we'll see pretty good earnings numbers from these companies. >> so your favorite picks? >> i'm going for reo tinto. i'm backing sam walsh. he's proven expertise in holding down costs in iron ore. he will, play that across the world. he's universally
in the economy or if it's seen that the efficacy and the costs don't warrant it anymore? h i think you see the jobless claims not being so great today and listen to the chatter. david cody, a reasonable guy, sequester going to knock big red -- chunk of our revenue up, you're the fed this is one of the months don't take the foot off the pedal. >> we'd debate whether or not the minutes caused the selloff. took half an hour before the acceleration began. cover of the "washington post" is fed unlikely to pull stimulus. were the minutes to blame or not yesterday? >> i know you -- ce of. but it was very funny, one point in that great conference call, said we picked a bad day to repor report. z a >> stock down 5% prior to the fed minutes and selloff, minor detail. >> people used the negatives in the conference call to buttress the idea this is perfect, fed's gonna tight exactly a time when things get weak and gasoline prices are so high. then the refiners are going down. there's no place to hide except for general mills. name a couple stocks that were up. when i find that when everything's as bad
contributions to provide the economy to businesses in trouble. we pay off our debt to business necessary time and this prevents companies from going bankrupt. but they still need help. we need to reduce the fiscal pressure and cut the cost of employment without damaging workers and their rights. >> it's fashion week here in milan. you only have to be here to get the sense of pride that people feel about this industry. how do you get that to translate to other sectors and the political system, too? >> translator: i think we can bring back pride to our politics giving a strong sign of renewal. i was in the uk and when i said i was a lawyer from italy, from milan, all people could talk about was bunga bunga. now that has changed. i've been invited to talk about the school of economics. i see when i go abroad, when foreign officials come to milan, the city is once again a focal point and there's a willingness to discuss and trade. >> the more foishlgs and public i speak to here, the more concerned i get about the risks of forming a stable government after this weekend's election. and remember, th
, yet kept down by a frozen food division or slowing restaurant economy. the darn thing has been ripe for the taking for years and years. it always amazed me it hadn't been taken before. the bears chide optimists, lacking in rigor, yet when i questioned why a goldman sachs analyst would put a sell on a great company like heinz, nobody else seemed to think it was odd at all. we've been zero-summing here for ages, and if they're reaching for manitowoc and terex, not just caterpillar and deere, now you know it's time to rotate out of heinz. don't we like sell sell sell when we buy buy buy. isn't that the plan? i don't know. that's not the plan for everybody. warren buffett, he doesn't care about sector rotations. he cares about acquires brands, lasting brands for less, some sort of consummate wholesale buyer likes brands for less. now it's his. who was really complacent here? i say it was the goldman analysts, not the buyers. how about dell? you really think that dell, which supported slightly better than expected numbers, is that that much better than heinz? once again, here's the stock
't fight the fed. if the economy is going to slow down because of the fed, don't filt that as a gardener, even if i am a savage fighting machine gardener, i like the concept of rain. i like to believe you can have a garden variety squall. i just think they we were due, over due. maybe for a bit of rain or a thunderstorm. for those of you who don't pay for espn. i saw green bay lose a bunch of games, i have written off the yankees, why can't the market have a losing session. and right after joe dimaggio broke his stree, he had another mini streak, he got 16 straight games with hits. he was due. over due. bottom line. i believe today was not an important water shed session. there are things going wrong, okay. i think this market, let's give it a rest. i think it comes back, jim. john in florida. >> two months later, the sba didn't approve the hepetittis vaccine. they are coming to a vote again for this vaccine. >> the first time in five years, just kidding, they mentioned i got amlin wrong, i think people watch the show, i did a huge episode how i got it wrong. i don't expect much from nex
's worried something good could be happening in the economy. something like they see like loan growth or job growth, we don't want that, right? job growth, that's terrifying. it means the fed won't keep interest rates down anymore. what we want, obviously, is permanent bad news. be careful, we had a similar selloff when the last notes came out, that was followed by a rally of epic proportions. as good a reason as any to take profits. then we have the sequester sneaking up on us again, that bid to cut federal spending with a meat axe. hmm, i thought we wanted government spending cutback? isn't that what people are clambering for? everyone says it's bad and it's going to hit the military really hard, right? lead story in "usa today" says so. let me ask you a question, how the heck did the philly defense index hit an all-time high in this session if the defense department's really going to get whacked. the sequester bark may be a tad less than its bite. what kind of word is sequester anyway? i don't want to fear words that seem like they're kind of made up for the occasion like fiscal cliff. bu
will be pulled back. the biggest embarrassment now is if the stock market goes vertical and the economy doesn't, the fed in a way has to temper the pace of equity gains. >> don't want any bubbles anywhere? >> what about the suggestion that the federal reserve is going to start winding down qe3. you know, what does that create in terms of disruption in the market? are you expecting that to create a selloff? this is all coming together at a time when we're also worried about rates beginning to spike over sequestration and a credit problem this country has. >> it has to happen at some point. let's say sequestration does happen. that's bond bullish and might replace the buying that the fed might over-wise do. while you might have concern over the exit plan, we don't know what the supply is going to be. in other words, could you see yields go nowhere. >> bruce, we were talking about how defensive issues are relatively speaking outperforming right now. what do you want to buy if you're convinced that we're going to go higher here through the end of this year? what will lead us higher, do you think?
weakness in the economy, including another leg down in europe and a possible pause in the great chinese comeback, or if he says things are gotten so terrible that he's got to buy even more bonds, something that drives the conservatives crazy, then look for more days like wednesday and thursday. no matter what we get from all of these earnings. if we didn't have the testimony, then we would be spending the whole week parsing the language of retail as a whole host of them are reporting. for example, is the bullish home repair theme still intact? the one i keep talking about on the show. how about we give a listen to lowe's on monday? and home depot on tuesday. both of these companies have been soaring on the thesis that with housing roaring back people need either to fix up their old house in order to sell it or fix up their new house to improve it. the thesis is it's finally worth it to put money into improving your home because with home prices rising, and they are from the numbers we saw earlier this week, you can get your money back and then some. just like the old days. we'll pay ext
gasoline prices to be the big threat to the economy right now. >> i knew i should have filled up yesterday. this is going to keep going up. a pair of big earnings coming your way at the top of the hour. dell and herbalife both set to report. we'll have instant analysis of all those numbers right here on the "closing bell." >> before all that, let's check the markets here as we approach this final hour for the day. the dow jones industrial average up 45 points. just shy of the high of the day. about a third of the% higher at 13,426. nasdaq also strong and technology one of the winners. certainly the nasdaq up a half a percent and the s&p 500 looks like this. take a look. similar chart pattern, just shy of the high of the gain with a gain on the standard & poor's of nine points. >> the s&p coming off an historic week after ending a seventh weekly win, gain. the last time the index opened the year was seven consecutive weekly gains. was in 1967. plus, the dow right now is closing in on its all-time high. roughly we're a little less than 150 points away right now and holding above 14,000 so fa
. if consumers have to cut back to afford gas, what does that mean for the economy as a whole? the spirit ceo weighs in. we'll get reaction to his big beat on earnings. [ male announcer] surprise -- you're having triplets. [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission. [ coyote howls ] how about no more surprises? now you can get all the online trading tools you need without any surprise fees. ♪ it's not rocket science. it's just common sense. from td ameritrade. [ engine turns over ] [ male announcer ] we created the luxury crossover and kept turning the page, writing the next chapter for the rx and lexus. this is the pursuit of perfection. >>> the national average for a gallon of gas has risen every week since the middle of january. $5 is now a reality for part of the country, as consumers feel the pain at the pump. what is the economic impact? and is this market in denial as it continues to hang strong? good morning to you, diane. >> good morning. >> we're within striking distance here of a
and swaps helped produce the largest financial services economy the united states has ever had. estimates of the market for credit default swaps grew from $100 billion to more than $50 trillion, and you could bet on m the solvency olocal communitaf general motors. they also helped produce a huge transfer of private wealth to wall street traders and investment bankers, who collected billions of dollars in bonuses. a lot of the money was made financing what seemed to be a never-ending housing boom, selling mortgage securities they thought were safe and credit default swaps they believed would never have to be paid off. >> the credit default swaps was the key of what went wrong and what's created these enormous losses. >> is it your impression that people at the big wall street investment houses knew what was going on and knew the kind of risks that they were exposed to? >> no, my impression is to the contrary, that even at senior levels they only vaguely understood the risks. they only vaguely followed what was going on. and when it tumbled, there was some genuine surprise not only at the b
in europe than in the u.s. what promises to be a serious recession is beginning to affect the economy there, and fiat and other european carmakers are struggling. but it should not affect the future of chrysler. do you think they're out of the woods? >> i think the question of whether chrysler will survive or not is largely behind us. i think the question at this point is how big a market share can they have? how good can their products be? >> there are plenty of new products in the pipeline. but marchionne, who is right now obsessed with quality, is taking nothing for granted. what's the biggest challenge facing chrysler right now? >> that we're gonna slip on execution. we're gonna get something wrong, big. >> like what? >> we're gonna screw up on a car. it won't sell. it's possible. >> can you afford that? >> one car, yes. now i can afford a car. 12 months ago, it would have been a--it would have been a disaster. but now i can take the pain. not-- one--one car. >> since our story first aired, chrysler's comeback has continued. in september 2012, the company announced that its sales had in
are the children coping with the economy? >> one day at a time. my son, he had come to me and asked me if i had a couple extra dollars to give to the homeless shelter or if we had any extra toys at home that they can give to 'em for christmas. >> your kids are looking for extra toys at home that they can send to the homeless shelter? >> yes, so they have christmas as well. >> this christmas, many in wilmington sorely miss the dignity and purpose they once had. laura walker says she learned that years ago when her late husband roger lost his job as a machinist and refused to be anything else. >> i watched what he went through by not making the concessions, by not making the changes. he didn't go back to school. he wasn't willing to think outside of the box. >> he couldn't find full-time work for six years. then he was hired again and given business cards and a lapel pin by his new company. before his first day on the new job, he had a heart attack. >> and i went to the hospital and i went in, and i was so surprised, and you know what the first thing he said to me was? "what about...my job?" [lau
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